The price of houses in the UK is at a record high, with the average home costing around £270,000. This is nine times higher than the average salary and prospective homeowners can take around 3.6 years to save a deposit to buy one.
Whilst saving, many first-time buyers across the UK will delay big life events such as getting married or having children. It is clear that saving for a home isn’t easy, but are UK houses really worth the money?
A recent study by ConservatoryLand reveals exactly what the average house price will get you across the UK.
What will £270,000 get you in the UK?
It probably comes as no surprise that £270,000 won’t exactly get you a mansion here in the UK! However, prospective buyers may be surprised at the kind of home they could get with this money.
Research carried out by ConservatoryLand revealed that value for money can be significantly improved if you know where to look.
In the best value cities, buyers could bag themselves a 90-square-metre, four-bed property with a driveway. At the other end of the scale, in the most expensive areas, buyers could struggle to find anything larger than an 80-square-metre three-bed with no offroad parking.
Which UK cities offer the best value for money?
If you want to get the most for your money, your best bet is to head north. Stoke-On-Trent is considered the city that offers the best value for money. Here, £270,000 could get you four bedrooms, three bathrooms, an 80% chance of a driveway and a roomy 86 square metres of living space.
Stoke-On-Trent was closely followed by Derby and Kingston Upon Hull, which also offer four-bed properties for £270,000. The largest house size (in square metres) can be found in Newport, Wales. Here, the average house price could land you a comfortable 95 square metres.
Out of the 10 best value cities, seven locations offered more than one bathroom for a £270K home, and four cities offer a 100% chance of a driveway. All cities offered homes that were above 80 square metres in size.
Where in the UK offers the worst value for money?
To no one’s shock, London offers the worst value for money when buying a home in the UK. In the capital, £270,000 will get you just two bedrooms, two bathrooms, no driveway and only 47 square metres of living space. This is almost half the size that can be bought for the same price in the 10 best-value cities.
After London comes Reading, which offers double the space but only two bedrooms, one bathroom and no driveway. In fact, no cities on the worst-value list could offer buyers a 100% chance of a driveway.
Despite offering fewer bedrooms, bathrooms and less chance of a driveway, one city on the worst value list does offer a great amount of space! In Cardiff, buyers could get 100 square metres of property, which is larger than any other location featured in the study. However, prospective homeowners may have to sacrifice an extra bathroom to get a house of this size!
Tips for finding UK houses that are worth the money!
So, are UK houses worth the expense? It really depends on where you buy! Those looking to get the most out of their money may need to be on the market a little longer and spend time shopping around. Here are some tips for finding a home that is worth £270K:
- Compare prices by using property search websites such as Rightmove or Zoopla.
- Take the local area into consideration as well as the house itself
- Get as much information as you can before you buy – you can never ask too many questions!
- Research any new developments that are being built in the area.
- Use mobile apps, such as the Rightmove app, to receive alerts when new homes become available in your chosen area.
- Consider the support available to help you buy, such as the government’s Help to Buy Scheme.
The post Are UK houses worth the money? Here’s what £270,000 could get you! appeared first on The Motley Fool UK.
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